The technical skills gap in the U.S. has left more than 700,000 jobs unfilled in our country that, if filled, could potentially pour billions of dollars back into the U.S. economy.
The problem is twofold. On the one hand, businesses are using technology at a rate that we’ve never seen before in our country. This is great news for U.S. businesses and their ability to meet client needs and innovate on a larger scale. However, the rapid increase in tech usage is being met with dramatically low numbers of STEM graduates—leaving absent the talent needed to innovate in order to compete with our foreign competitors.
This dynamic shift certainly does pose a threat to our country, but it should be viewed as an opportunity to showcase a core tenet of Americanism to the world: our ability to rally for a common goal. And this goal is to stay on top of the global innovation game.
While companies rapidly increasing their ability to integrate technology into their workflow is certainly a value-add, our country’s lack of STEM graduates that has created an urgent situation that can must fixed through systemic changes to our country’s education system as well as immediate tools like government sponsored incentives for businesses.
A lack of technical talent in our country is a problem that has the potential to decimate our economy’s standing as a worldwide powerhouse and could very well push our nation’s prominence as a leader in innovation down the rungs.
The evidence is clear that ignoring this problem will not only be to the detriment of U.S. students, some of whom have a unique opportunity to escape vicious cycles of poverty, but to our national prosperity as well. But it’s not too late to act, and it our education system specifically won’t be fixed overnight.
In the immediate, companies should look toward incentives such as the R&D Tax Credit to help bring in capital that can create competitive wages, increase innovation and drive competition.
Innovation has always been a core tenet of American culture. We need to act now to preserve that precious facet of our nation’s strength, so let’s take this threat and change it into an opportunity for our country to thrive.
As you can see, the shortage of technical talent in the U.S. is a direct result of the increasing amount of technology that’s being used by our workforce coupled with dramatically low numbers of STEM graduates in our country. Software and Tech businesses can use the R&D Credit to help hire and retain top talent and innovate more than ever before.
Click below to estimate your credits and start your company’s journey to becoming even more competitive in your industry!